First phase of Victoria Circle build confirmed by Land Securities and CPPIB
15 May 2013
Land Securities and its joint venture partner Canada Pension Plan Investment Board (CPPIB) have confirmed the commencement of the £768 million first phase of its Victoria Circle project, as part of the continued transformation of Victoria, in London’s West End. The 50:50 joint venture was previously announced in February 2012.
The first phase, which totals 727,000 sq ft, offers 480,000 sq ft of efficient, high quality office accommodation, 80,000 sq ft of exciting retail/restaurant space and 170 luxury modern apartments within three architecturally striking buildings, at the heart of a new pedestrianized, landscaped public quarter.
The comprehensive development of this 5.5 acre site directly opposite Victoria station will see the area change from being a central thoroughfare to an unparalleled destination in which to work, live and play.
When complete, Victoria Circle will crown the recent re-invention of Victoria, which is already home to businesses such as Channel 4, Microsoft and the Telegraph Media Group as well as high-fashion names such as Jimmy Choo, Tom Ford and Burberry.
Demolition started on the Victoria Circle site in October last year. Mace has been appointed the main contractor and construction is due to start in June 2013 with completion due in the second quarter of 2016.
Land Securities Chief Executive Robert Noel said:
“Land Securities was the first to start large-scale development after the downturn, a strategy which is generating higher returns at this point in the cycle. Today’s announcement is an extension of this strategy and a clear commitment to our on-going transformation of Victoria.”
CPPIB’s Senior Vice President, Graeme Eadie said:
“We are delighted to launch the first phase of this transformative development in a prime area of London’s West End. Victoria Circle supports CPPIB’s real estate strategy to own and develop properties in key markets for the long term.”